Current situation of US dollar Turkish Lira rate and the trend forecasted by experts
The dollar / TL rate turned its direction downward after rising as high as 7.78 on Monday following a rise in US bond interest rates. With the exchange rate hovering around 7.50 today, it is reported that markets will be watching for the reform package to be announced.
It is observed that bond yields, which fell to historic lows with the pandemic in developed countries, especially the United States, continue to rise again, putting pressure on developing countries. The dollar / TL is again hovering around 7.5, relatively calm after approaching 7.8 at the beginning of the week, as is the case with emerging currencies.
On the other hand the euro/TL, which saw 9.22 on Monday is observed to be fluctuating around 9 today.
Gram gold prices are at TL 414 a day, while the price of an ounce of gold on international spot markets is around $ 1715.
After losing close to 3 percent against the dollar on Monday, the TL gained close to 2 percent on Tuesday and Wedenesday.
The dollar / TL fell as much as 6.9 this year, but then turned its direction to an upward trend due to concerns about the continuity of economic policies and global sales pressure. The highest level seen in the dollar/TL this week was 7.7840, with the rise starting at 6.9. As of yesterday, the lowest level was 7.4330, but the exchange rate ended the day around 7.5.
As for the trend the dollar is expected to follow, experts note, as long as Turkey’s production capacity remains the same and the country’s reputation (economy and legal practices in general) is not upgraded it will be difficult to keep the dollar at this level. They note a very swift rise of the dollar up to figures like 8,50, 9 and even 2 digit figures would not be very surprising unless the government manages to accomplish serious progress in regards.
